Sierra Oncology, Inc. (NASDAQ: SRRA), formerly ProNAi Therapeutics, Inc., announced that it intends to offer and sell, subject to market conditions, shares of its common stock in an underwritten public offering.
Jefferies LLC is acting as the sole book-running manager. Sierra Oncology intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering.
Vancouver based Sierra Oncology is a clinical stage drug development company focused on advancing next generation DNA Damage Response therapeutics for the treatment of patients with cancer. Sierra Oncology intends to use the net proceeds from the public offering to fund development of its product candidates, SRA737 and SRA141, as well as for general corporate purposes.
Founded in 2003, Sierra Oncology was venture backed by Vivo Capital, Frazier Healthcare Ventures, OrbiMed Advisors, RA Capital, Caxton Alternative Management, Sectoral Asset Management, Janus Capital Management, Adams Street Partners, Hopen Life Science Ventures, Apjohn Ventures Fund, and Capital Midwest Fund.
On July 21, 2015, Sierra Oncology completed its US $158.4 million initial public offering (IPO) on NASDAQ. Former backers including Vivo Ventures, Frazier Healthcare, OrbiMed Advisors remain as major investors of the company.
photo credit: Sierra Oncology